Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Appriciate your responds..
Why are companies listed ? .......to enable them to raise funds
As I have just said the GBP presentations have only been available to the industry. yesterday was the retails first glimpse at the data map. Now the company can present to the retail market in more detail
I am of the view that Azinam will be part of an up coming deal. Azinam were to launch and IPO in Oslo in 2018/2019 to raise $60m . It would be cheaper to take an interest in GBP and reverse into the company
https://af.reuters.com/article/commoditiesNews/idAFL5N1VZ256
https://www.africa-energy.com/article/azinam-loader-joins-board-ipo-prospect
https://www.oedigital.com/news/464473-seacrest-in-talks-to-sell-azinor
Azinam have an eight well drilling program over Namibia and South Africa and need funding moving forward. Their deal with Exxon in PEL44 fell through
An Azinam presentation previously posted here highlighted 6 upcoming wells and 2 being negotiated. One of those wells have been announced which was the AEC held Block 2B in South Africa, where Azinam farmed in and due to spud in Q4
The other well is target 6 the numbers are exact, both volumes and COS for GBP's Welwitschia Deep
I think Exxon and Azinam have shifted their attention to GBP
Harel you can find the Azinam presentation I am sure....as I am finished answering your questions and doing your reaserch for you.........all the best
If the data is interpretated and available to interested parties then what did they pay for?
Technical Data
NAMCOR is the custodian of all the Namibian Exploration and Production data; therefore it is NAMCOR’s responsibility to provide this data to potential investors
https://www.namcor.com.na/upstream/technical-data
Potential suitors will have already seen the historic data and the data is not new to GBP, hell the Peters were directors of TRP when the 3D acquisition was acquired back in 2010/11
The issue is the same as when Paul Howlett made various presentations at oil & gas conferences, they were for industry eyes only and I chased this on several occasions and was told the presentation material belonged to Namcor and not available to the general public
But it also instantly gives GBP some quality data to share with any ‘contacts’ regarding a possible farm out.
As i see it the namcor deal aims to make the license more attractive for f/o.
The interpretation will likely take around 3 months, if they are in talks that might be required to proceed so in that scenario once an updated cpr is out we can expect a near term deal, if they only made contacts but got nothing solid that should attract potential f/i's and a potential deal will be medium term.
My guess is the updated cpr will be released after the venus-1 results.
It's been a matter of time for well over a year now according to your many, many posts, Jim. That was when things weren't "just around the corner".
See you're still mentioning "talks" on ADVFN. GBP have only ever mentioned "contacts", the difference of course being that talks implies two or more parties. Contacts could well mean GBP have approached others and been told to hoppit (which is my take, given the lack of any other movement over the three quarters in question). You know all of this, if only because I've pointed it out to you many times, and yet you continue to post untruths. Your beloved BOD have been paying themselves well for over seven years and have achieved nothing at all.
Will you acknowledge that GBP have never said they are in talks? Simple yes or no will do.
Nice one wraith, thats another reason why am here as well
I picked up another 100k this morning , not bothered by moves up or down at the moment. As shown yesterday this can cover much ground on very small volume
Just a matter of time now before the rest of the deal is announced imo ;-)
Yeah, the 2014 drill, was never completed ;-
Extract:
"The estimated cost of continuing the current well to test the deeper targets, including the Albian, now appears to be as much as a further USD40 million gross. Despite our interest in the deeper targets, with their large potential resources, this raises the question whether it may be better to wait for the full analysis of the current well before deciding whether and where to drill a second well and test the deeper targets with the benefit of that further information. As a result, the Partners have agreed not to drill further at this time and to evaluate the information and its implications for the Block. The well is being plugged and abandoned."
Source: https://www.infield.com/rigs/news/repsol-comes-up-dry-with-welwitschia-exploration-well/1122 .
It's been a long wait, just been looking at map ( https://www.rns-pdf.londonstockexchange.com/rns/0295J_2-2020-4-7.pdf?_ga=2.164029946.498048780.1586289212-75206512.1495057411 ), to remind myself, why I'm still here.
BW
Namcor could have taken a substantial cash settlement for the 3D data, but took an equity interest in PEL94 with a high risk micro cap, to carry them to first oil, before contributing 17% of costs........on the face off it why not take the cash ?
Namcor are insiders and are seeing the full picture, that picture must include a major, otherwise GBP have no hope of reaching first oil in it's current state
We will have to wait in order to see the full picture, but don't think it will be a long wait ;-)
Yep, excellent news ( https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GBP/14494030.html ),.......hope you all, keeping well & safe.
BW
Although Namcor have a 10% free carry, they have now effectively farmed in to PEL94 for a participating 7% interest. The cost of the 3D data, prices the original 85% held by GBP. The market seems to think Namcor pretty much gifted the data,which could easily be worth $5-$7m
Nothing priced in for the substantial assets as yet
Onward to the next deal
harel, we have two licence blocks, PEL29 has a commitment for 3D and a well by the year end. EMGS have a LOI from an unnamed company to conduct a 3D acquisition in the Walvis basin due to start in May, in addition to a contract with Nabrim
they have further interest for the Walvis basin and are in talks. Is quite possible PEL29 is the subject of the LOI
https://newsweb.oslobors.no/message/496936
PEL94 having acquired 3D today the initial base has been covered, much earlier than required as we have only recently been awarded this licence
‘Already drilled up’.. again, misleading!
Do some homework! Welwitchia was abandoned by Repsol/TRP (same as Brupadda) prior to reaching target depth. Rig issues and cost. It did not reach the Aptian or Albian.. the primary depths required and the only depth to have oil shows and oil to surface. 94 is basically virgin territory.
‘ Harel they still need to shoot a new 3D to retain the block.’ - bit misleading!
I think you mean ‘if they choose to retain the block they will have to agree to shoot 3d in the next phase (many possibilities such as a carry over as per 29 subject to a farm out deal?, plus possibilities of extensions never seems a problem)
Harel they still need to shoot a new 3D to retain the block.
This 3D they have ‘acquired’ is an old one from 10 years back and only covers the bit of the block already drilled up.
So they need to find another 10mm dollars by the end of the summer - any takers?
By gbp's agreement it has to conduct a 3d survey by year end to move to the next period, does the namcor agreement is enough or do they still dependent on a farm out by year end?
During these challenging times, it is good to have people around who can generate laughter.
Keep it going ! :-)
GLA
Geowiz, did you sell out to low....lol
This has potential to 50 bag, great risk reward play. Ive never known 2D show more resources than 3D, get real
Good post Van, totally agree
Glass half empty? :-)
These guys have gone from a cash position of £20mm to £1mm doing absolutely zip over 7 years and now they are ‘Preserving cash’ by giving away equity to access an existing Namcor 3D which they should have leased 2 years ago. What,have, they been doing??
What if the 3D shows lower prospect numbers than the 2D and that’s why nobody else has bothered with this before?
Most interesting piece of news from the Company we have had for some while.
Let us hope this will kick the action up a notch and that the share price starts to reflect what we have all been holding for over a long sterile period.
It must be remembered that the 3D owned by Namcor has always been around but not in the public domain and certainly not available for close scrutiny. That is not to say that an 'executive' version of the content will not have have been discussed during discussion and negotiation with any or all parties.
What we have now is the opportunity for GBP to open the book, under the terms of the license agreement, directly with any third party in order to allow GBP to advance their own negotiations. The fact that Namcor are willing to allow this for a relatively modest 7% speaks volumes and I would venture to suggest this was done to allow the GBP negotiations to advance at pace and in advance of the drill activity planned off the coast of Namibia and S Africa.
Namcor have positioned themselves - it is now up to GBP.
This really is great news.
"why would Namcor be willing to swap cash for acreage?"
M, we may find out the motivation for this deal soon, Namcor and MME back at there offices next week.
The only motivation I can think of for this deal is Exxon taking over as operator. I say Exxon as they seem to be more interested in the north of the region, but I am not fussy ;-)
Marmited - you are spot on.
The "glass half empty" guys will no doubt come up with something negative to say about today's news, each to their own I say.
GLA.